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Transportation Costs On June 16, 2019, llano sold merchandise to Pascual for P6,000, terms 2/10, n/30. Shipping costs were P600. Pascual received the goods and Illano's invoice on June 11. On June 24, Pascual sent the payment to llano, which llano received on June 25. Both Ilano and Pascual use the periodic inventory system. arrangements regarding the shipping costs: a. Shipping terms are F.O.B. shipping point, freight collect. Pascual paid the shipping The following are several costs on June 17 and remitted PS,880 on June 24. 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the payment of shipping costs, and the cash remittance. b. Shipping terms are F.O.B, destination, freight prepaid. Ilano paid the shipping costs on June 16. Pascual remitted P5,880 on June 24. Required: Required: 1. Prepare the entries for llano to record the sale, the payment of shipping costs, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase and the cash remittance. c. Shipping terms are F.O.B. shipping point, freight prepaid. Illano paid the shipping costs on June 16 and added the P600 cost to the invoice sent to Pascual Pascual remitted P6,480 on June 24. Required: 1. Prepare the entries for llano to record the sale and freight payment, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase (with shipping costs added to the invoice from llano) and the cash remittance. d. Shipping terms are F.O.B. destination, freight collect. Pascual paid the shippililg costs on June 17 and deducted the P600 from the amount owed to Ilano A copy of the freight bill to llano was provided with the June 24 cash remittance. Pascual. remitted P5,280 on June 24, Required: 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the freight payment, and the cash remittance.

Transportation Costs On June 16, 2019, llano sold merchandise to Pascual for P6,000, terms 2/10, n/30. Shipping costs were P600. Pascual received the goods and Illano's invoice on June 11. On June 24, Pascual sent the payment to llano, which llano received on June 25. Both Ilano and Pascual use the periodic inventory system. arrangements regarding the shipping costs: a. Shipping terms are F.O.B. shipping point, freight collect. Pascual paid the shipping The following are several costs on June 17 and remitted PS,880 on June 24. 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the payment of shipping costs, and the cash remittance. b. Shipping terms are F.O.B, destination, freight prepaid. Ilano paid the shipping costs on June 16. Pascual remitted P5,880 on June 24. Required: Required: 1. Prepare the entries for llano to record the sale, the payment of shipping costs, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase and the cash remittance. c. Shipping terms are F.O.B. shipping point, freight prepaid. Illano paid the shipping costs on June 16 and added the P600 cost to the invoice sent to Pascual Pascual remitted P6,480 on June 24. Required: 1. Prepare the entries for llano to record the sale and freight payment, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase (with shipping costs added to the invoice from llano) and the cash remittance. d. Shipping terms are F.O.B. destination, freight collect. Pascual paid the shippililg costs on June 17 and deducted the P600 from the amount owed to Ilano A copy of the freight bill to llano was provided with the June 24 cash remittance. Pascual. remitted P5,280 on June 24, Required: 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the freight payment, and the cash remittance.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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Shipping costs were P600. Pascual received the goods and llano's invoice on June 17, On June 24, Pascual sent the payment to llano, which llano received on June 25. Both On June 16, 2019, llano sold merchandise to Pascual for P6,000, terms 2/10, n/30, Ilano and Pascual use the periodic inventory system. The following are several a. Shipping terms are F.O.B. shipping point, freight collect. Pascual paid the shipping 7-54 | Basic Financial Accounting and Reporting by Fho 2. Prepare the entries for Pascual to record the purchase, the freight payment, and the 1. Prepare the entries for llano to record the sale and the cash receipt. SCORE: NAME: PROFESSOR: SECTION: Problem #11 Transportation Costs arrangements regarding the shipping costs: costs on June 17 and remitted P5,880 on June 24. Required: 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the payment of shipnin costs, and the cash remittance. b. Shipping terms are F.O.B. destination, freight prepaid. llano paid the shippine costs on June 16. Pascual remitted P5,880 on June 24. Required: 1. Prepare the entries for llano to record the sale, the payment of shipping costs, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase and the cash remittance. Shipping terms are F.O.B. shipping point, freight prepaid. lano paid the shipping costs on June 16 and added the P600 cost to the invoice sent to Pascual Pascual remitted P6,480 on June 24. C. Required: 1. Prepare the entries for llano to record the sale and freight payment, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase (with shipping costs added to the invoice from llano) and the cash remittance. d. Shipping terms are F.O.B. destination, freight collect. Pascual paid the shipplng costs on June 17 and deducted the P600 from the amount owed to llano A copy the freight bill to llano was provided with the June 24 cash remittance. Pascuur remitted P5,280 on June 24. Required: cash remittance. 3 III
Transcribed Image Text:Shipping costs were P600. Pascual received the goods and llano's invoice on June 17, On June 24, Pascual sent the payment to llano, which llano received on June 25. Both On June 16, 2019, llano sold merchandise to Pascual for P6,000, terms 2/10, n/30, Ilano and Pascual use the periodic inventory system. The following are several a. Shipping terms are F.O.B. shipping point, freight collect. Pascual paid the shipping 7-54 | Basic Financial Accounting and Reporting by Fho 2. Prepare the entries for Pascual to record the purchase, the freight payment, and the 1. Prepare the entries for llano to record the sale and the cash receipt. SCORE: NAME: PROFESSOR: SECTION: Problem #11 Transportation Costs arrangements regarding the shipping costs: costs on June 17 and remitted P5,880 on June 24. Required: 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the payment of shipnin costs, and the cash remittance. b. Shipping terms are F.O.B. destination, freight prepaid. llano paid the shippine costs on June 16. Pascual remitted P5,880 on June 24. Required: 1. Prepare the entries for llano to record the sale, the payment of shipping costs, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase and the cash remittance. Shipping terms are F.O.B. shipping point, freight prepaid. lano paid the shipping costs on June 16 and added the P600 cost to the invoice sent to Pascual Pascual remitted P6,480 on June 24. C. Required: 1. Prepare the entries for llano to record the sale and freight payment, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase (with shipping costs added to the invoice from llano) and the cash remittance. d. Shipping terms are F.O.B. destination, freight collect. Pascual paid the shipplng costs on June 17 and deducted the P600 from the amount owed to llano A copy the freight bill to llano was provided with the June 24 cash remittance. Pascuur remitted P5,280 on June 24. Required: cash remittance. 3 III
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